Egypt set to launch innovation fund worth 1 bln pounds

Governor of the Central Bank of Egypt (CBE) Tarek Amer said that the possibility of the launching a 1 billion fund is under study tol support innovation, according to his speech at the second day of the Financial Technology (FinTech) conference “Seamless North Africa”.

He said that the CBE has been adopting an expansionary approach in terms of its monetary policies. This is done through reducing interest rates and controlling inflation, he added.

‘Seamless North Africa’ hosted in Egypt to bolster the digital economy. The two-day conference is being organised by the CBE, the Council of Arab Economic Unity, the League of Arab States, and the Arab Federation of e-Commerce.

The conference aims at establishing an integrated financial technology economic system by allowing global companies in the field to launch their latest innovations in the Egyptian market.